UNMIK/PR/1227
PRISTINA – The Financial Information Centre became operational this month under the Police and Justice Pillar of UNMIK in Pristina. The Centre has been established pursuant to the provisions of UNMIK Regulation No. 2004/2, ‘On the deterrence of money laundering and related criminal offences’ promulgated on 6 February 2004.
As envisaged in the regulation, the establishment of the Financial Information Centre is directed at enhancing law enforcement capacities, particularly in information gathering and analysis, aimed at deterring money laundering and related criminal offences through greater transparency in financial transactions.
From 1 September 2004, it is obligatory for banks and financial institutions to report any suspicious transactions to the Financial Information Centre. In addition, large cash transactions (generally over €10,000) must be reported.
From 1 November 2004, NGOs, political parties and registered candidates, attorneys, certified accountants and licensed auditors and other business organisations, will also be bound by certain obligations related to financial transactions. Furthermore, any transfer of immovable property will require a declaration in a specified format, signed by the transferor and transferee.
The Financial Information Centre will receive and analyse the required reports, ensure compliance, and cooperate with its international counterparts and law enforcement agencies in tracing illicit money outside and inside of Kosovo.
In addition, the centre will collect and maintain a database of all information that is relevant to money laundering activities or the financing of terrorist activities and will make recommendations to the appropriate authorities regarding legislation and other measures that may be taken to combat such illegal activities.